Adelson questions Japan’s IR project

sands

Credits: Reuters / Jeff Scheid.

According to casino magnate Sheldon Adelson, current state of Japanese IR legislation will mean a lower level of investment from licensed companies.

Japan.- The casino industry is almost ready to be developed in Japan as the local lawmakers and government work on how they’ll regulate integrated resorts (IR) in the country. However, according Las Vegas Sands CEO Sheldon Adelson, legislation in its current state it’s not the most favorable for potential licensees (reportedly due to proposed upper limits on casino floor space) and could mean a lower level of investment.

As reported by AGBrief, Adelson held a meeting in Japan with Osaka Governor Ichiro Matsui and Osaka Mayor Hirofumi Yoshimura and talked to the media afterwards. “The Casino Emperor,” as local media called him, criticised the Experts’ Commitee draft and said it wouldn’t allow “the best kind of IR” to be constructed. He explained that his own company’s investment would be between US$4-5 billion should the project stay the same, instead of reaching up to US$10 billion with more favorable regulations.

Governor Matsui has apparently sided with the US businessman as he has made similar criticism of the current plan. However, AGB reported it’s still unclear if Tokyo will be accomodating so long population keeps opposing the construction of IRs.